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French chip maker STMicroelectronics saw first quarter profit more than double, thanks to demand for mobile phones, cars and computer modems. Pre-tax profit grew to $238.4 million for the three months ended April 1, 2000, from $105.1 million for the same period the previous year. Sales rose 53 per cent to $1.7 billion from $1.1 billion. "The accelerating market recovery combined with the strength of STMicroelectronics' product portfolio resulted in unprecedented demand in the period," said Pasquale Pistorio, CEO of the company. STMicroelectronics last month said it expected the chip market to grow by at least 25 per cent in 2000. ®

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